Online contract management is the process of managing contracts between vendors, customers, clients, or employees. It maintains the integrity of a customer lifecycle, which includes any process that contributes, utilizes, and creates contractual data. Online contract management can be an integral asset for any company, but if it is not digitized or integrated online, it can be a liability for the company due to the possibility of errors and human mistakes that can create unforeseen troubles for the company.
Business values are changing thus forcing companies to realize and identify better and improved versions of traditional business models. Online contract management is one of the latest inventions of this re-imagined business model enabling customers and companies to manage their interactions in a better and efficient way.
Here are some of the benefits of online contract management that will persuade business owners to consider the self-service portals for contract management.
- Organizations, who integrate online contract management into their business have improved sales renewal at a rate of 25%, increased revenue by 1-2%, reduced contract cycle time, and halved its efficient processing and management abilities.
- It increases sales efficiency considerably to enable the sales team to hit their goals every time and even exceed objectives. Automation directly improves sales efficiency.
- Digitization allows the sales force to focus more on selling rather than fixing and worrying about contract errors and mistakes. This gives them ample time to focus on the busy work regarding the sales deal.
- Automated online contract management helps customers, business stakeholders, and partners to come closer. With an unhindered communication pathway, they are able to maintain continuous and clear communication that enables a full view of auditing and reporting on the business.
- Tools like audit tracking, compliance alerts and one-click access to contract records and on-demand report generations makes third-party integration into the business a possibility. These tools provide valuable insight that help business owners foster relationships with partners and customers.
- It enables you to develop a tighter control on the data flowing in and out of your company. And with free-flowing information between parties, you are in a better position to negotiate, change terms, amend the contract for an improved version and improve relationships with the customers and stakeholders. With this advantage, you are also in a better position to nominate contract renewal candidates that can help you create a new contract in a timely fashion.
Online contract management software by CallidusCloud provides a full scale solution for management of contracts and providing you with functionality beyond your imagination and expectations. From creation to approval of contracts, this software will meet all your requirements and a free trial can help you realize that a CLM software can make a huge difference in your organization.